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-49.78  /  -0.76%

6544.21

NAV on 2019/07/22
NAV on 2019/07/19 6593.99
52 week high on 2018/08/31 7489.26
52 week low on 2019/07/22 6544.21
Total Expense Ratio on 2019/06/30 1.17
Total Expense Ratio (performance fee) on 2019/06/30 0
NAV Incl Dividends
1 month change -1.66% -1.66%
3 month change -4.46% -4.46%
6 month change -5.39% -3.75%
1 year change -7.47% -4.1%
5 year change 2.24% 5.8%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 346.01 2.84%
Consumer Goods 712.49 5.86%
Consumer Services 314.38 2.58%
Financials 2085.25 17.14%
General Equity 270.94 2.23%
Industrials 1347.16 11.07%
Liquid Assets 3387.00 27.84%
Technology 25.22 0.21%
Offshore 3677.99 30.23%
  • Top five holdings
GOVTISSUPAPER 1799.09 14.79%
FINANCIALS 1723.00 14.16%
INDUSTRIALS 1347.16 11.07%
FINANCEINSTIT 1011.61 8.31%
CONSUMERGDS 712.49 5.86%
  • Performance against peers
  • Fund data  
Management company:
PSG Collective Investments (RF) Ltd.
Formation date:
1999/06/01
ISIN code:
ZAE000181616
Short name:
U-APPMANF
Risk:
Unknown
Sector:
South African--Multi Asset--High Equity
Benchmark:
Inflation plus 5%
Contact details

Email
assetmanagement@psg.co.za

Website
http://www.psg.co.za/asset-management

Telephone
021-799-8000

  • Fund management  
Greg Hopkins
Paul Bosman
PSG Asset Management (Pty) Ltd.


  • Fund manager's comment

PSG Balanced comment - Mar 19

2019/05/24 00:00:00
Current context Global equity markets recovered sharply in the first quarter of 2019. The MSCI World Index delivered a total return of 12.6% and the MSCI Emerging Markets Index returned 9.9%. The JSE’s recovery was more lacklustre: the FTSE/JSE All Share Index gained 8.0% and was dominated by rand hedges, especially resources and Naspers. Domestic counters were material underperformers. The FTSE/JSE Small Cap Index lost 3.4% and financials declined over the quarter.
Local fixed income assets experienced some tailwinds from Moody’s decision to keep South Africa’s credit rating unchanged. This has resulted in the sovereign yields reducing slightly, as local and foreign investors continue to see value in South African government bonds. Anchored inflation - well within the South African Reserve Bank’s (SARB’s) 3% to 6% target band - has further supported yields, as the SARB has taken a more neutral stance on interest rates and maintained the existing repurchase rate of 6.75%.
Our perspective As we have noted for some time, there is pervasive fear in certain parts of investment markets. This is in complete contrast to other areas that are well owned and in which investors are inclined to be complacent. Markets therefore continue to be characterised by wide valuation divergences. We are finding far more opportunities in those parts where investors are fearful, especially in the SA Inc. part of the domestic market, which has endured tough economic conditions and aggressive selling by foreigners in recent years. In fact, our bottom-up analysis is indicating valuations usually seen in deep bear markets. For longer-term investors who can ride out the storm, the return profile from carefully selected securities at such low valuation levels is promising.
Equally as encouraging is the fact that the opportunities we’re finding extend across almost all asset classes - a rare position to be in. We believe that this has allowed us to build diversified portfolios with favourable odds of achieving their mandates under a range of possible outcomes. We’re excited both by the opportunity set, and by the balanced nature of our funds’ investments.
Portfolio positioning Equity exposure increased from 64.5% to 66.2% over the quarter, as the fund took advantage of the opportunities presented to buy shares in above-average quality global companies at attractive margins of safety.
The fund reduced corporate bond exposures as instrument prices reached our estimates of intrinsic value. Given that these are illiquid instruments, their hurdle for inclusion in the fund is high. As real yields in long-dated government nominal and inflation-linked bonds remain compelling, the fund has been adding to existing positions.
Overall cash levels of 7.1% have not changed over the quarter. The fund retains the valuable option to be a liquidity provider at attractive asset price levels if episodes of market disruption occur in the future.
  • Fund focus and objective  
The PSG Balanced Fund is a specialised portfolio, having the primary objective of long-term growth of capital and a reasonable level of income for investors. The manager shall seek to achieve this objective through active management of a portfolio of assets which comprise a mix of securities, non-equity securities and assets in liquid form. The fund manager has applied a constraint in the mandate of this fund to ensure this fund complies with Regulation 28. The investment policy allows the fund to include listed and unlisted financial instruments (derivatives)
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